TeamViewer stops £ 235 million contract with Man Utd

"After a period of cooperation, Manchester United and TeamViewer AG have reached a mutually beneficial agreement. Manchester United will have the option to buy back the rights to the front of the shirt to a new sponsor," the representative of the English football club said. announced on 12/15.

TeamViewer signed a £235 million ($290 million) contract with Manchester United in March 2021 and lasted five years. However, the fact that Man Utd was in a difficult situation and being sold has made investors worried.

Under the agreement, the TeamViewer logo will still appear on the shirt until a new sponsor is found. The company will then act as a global partner until the end of the contract in 2026. Manchester United's contract with TeamViewer is the club's largest commercial deal following a £750m deal with Adidas.

TeamViewer was established in 2005 in Germany, specializing in cloud-based remote access and control computer software. TeamViewer software is now globally famous, including Vietnam, installed on 2.5 billion devices, with an average of 45 million active devices online at the same time.

Previously, when accepting investment in Manchester United, TeamViewer was fiercely criticized. "As active investors, we don't approve of spending up to a quarter of our net profit per year on a football club. TeamViewer is not SAP or Oracle," a Petrus Advisors investor said when there.

Last month, following the news that the contract with Manchester United was about to be canceled, TeamViewer shares rose 5%. The company's stock price has lost 80% of its value since signing the contract and is now at $6.35.